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PBR: CML disappointed over end of stamp duty holiday

The Council of Mortgage Lenders is disappointed with Chancellor Alistair Darling’s decision to end the stamp duty holiday.

The CML says the decision represents another missed opportunity by Government.

It says today presented an opportunity for the Treasury to consider the introduction of revenue-neutral reform that would have removed market distortion.

Responding to today’s pre-Budget report, a CML statement says: “The CML is disappointed, though not surprised, that the current stamp duty holiday will cease at the end of this year, as previously announced.

“This represents another missed opportunity. More fundamental reform of this tax, which continues to distort the housing market, is still needed.”

But the CML says it welcomes the extension of the mortgage interest support scheme. Director general Michael Coogan says: “A state safety net is also a vital part of the picture, and so we welcome today’s announcement of no change to the rate of support for mortgage interest at 6.08 per cent.”

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